The industry says such a move would be disastrous for the sector, which fuels 2.5% of gross domestic product.

Silver reserves by year-end, totalling 238 million oz., were also its second-largest ever.

The project was the first to be added to the US FAST-41 permitting process, and the company said it has the potential to be one of the world’s largest zinc producers.

In January, the company's mine operations generated 329,934 silver-equivalent ounces.

The company has set of guidance of 130,000-145,000 GEOs for the year.

The new zone remains open to the northwest, projecting towards the Homestake Main deposit.

The price of one gram of silver more than doubled in a year but at about 47 Egyptian pounds, it remains far cheaper than gold.

The new numbers represent a 1% increase in tonnage, but the overall grade increased by 11%.